while it reviews the proposed transaction. At the end of last year, Oxy said it would buy Permian oil and gas producer CrownRock for cash and stock in a deal valued at around $12 billion, including debt, with which it joined the wave of recent mergers and acquisitions in the U.S. oil industry.
However, the FTC sent last month requests to both companies asking them for additional information related to the acquisition, Occidental’s top executives said on the earnings call on Thursday. “The FTC's request for additional information will impact the timing of closing, which we expect to occur in the second half of the year,” Oxy’s Senior Vice President and CFO, Sunil Mathew, told analysts.
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